When you sign up for a Photobucket account, here is what you get for FREE:
2 GB of free storage or space available for your original photo files, or videos under 10min.
If you had a free account on the previous version of Photobucket, you will get an additional 2 GB on top of what you've already stored. So, if you had 1 GB worth of compressed images on the Original Photobucket, on the new Photobucket you will have 2+1 = 3 GB of total storage available on the new photobucket.
If you like to link to forums, blogs, etc. you get up to 10GB/month of bandwidth. If you need more, upgrade to a PLUS account! With a PLUS account, you have unmetered bandwidth in addition to extra storage and no ads!